7k in spouse saving account

[fas917]

Hi,

I am thinking and prepare for Ch 7. We have one joint account and my spouse has one personal saving account with 7k. She took out a loan for 8k and 7k is left on her account.

Do I need to disclose that money? I will file only.

Thanks for help.

[lrprn]

We have one joint account and my spouse has one personal saving account with 7k. She took out a loan for 8k and 7k is left on her account.Do I need to disclose that money? I will file only.

The answer depends on whether you two live in one of the community property states - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin. Do you?

[jp2861]

What does community property states have to do with it? If it's a joint account, his name is already stamped on the account and he is a partial owner.

[magyar123]

What does community property states have to do with it? If it's a joint account, his name is already stamped on the account and he is a partial owner.

The original poster said it's not a joint account, only her account.

[lrprn]

What does community property states have to do with it? If it's a joint account, his name is already stamped on the account and he is a partial owner.

Original poster: "We have one joint account and my spouse has one personal saving account with 7k."

The account in question is the spouse's alone. If the original poster is in a community property state, since the $7K debt was incurred during the marriage, then the $7K debt is shared equally by both husband and wife.

[fas917]

I am in New York. My wife will not file. She is a graduate student and took out loan to pay for school. So, she is left with 7k in her savings account (not joint).

If I file do I have to show what she has on her personal account. My debt is about 90k including business, CC and car. Please help...

[lrprn]

I am in New York. ... If I file do I have to show what she has on her personal account.

Since you are filing alone and don't live in a community property state, you do not have to include your wife's financial accounts that are hers alone.

My debt is about 90k including business, CC and car. Please help...

If more than 50% of your debt is business-related, then you can bypass the Means Test. You aren't alone in owing that much. We have members who have had much higher levels of debt to discharge than yours.

It's time for you to make appointments for free or low-cost initial consultations with 3-4 area bankruptcy lawyers. Since there are business expenses mixed in your personal debt, your case is not a simple one. You need sound legal advice to ensure you make the right decisions for your family in the long run.

Keep posting questions and let us know how your lawyer consultations go. Hang in there - relief is just ahead!